If a plugin is updated then updated plugin have many changes like bugs fixed, New featured added, design changes etc.
If you are using a theme which override woocommerce plugin files then you can check theme out of date files from your website admin panel here Go to:
WooCommerce > System Status
Here you can see out of date files of the theme. If the theme has any out of date files it means theme will not support woocommerce latest version updates.
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